Tiffany downgraded to Outperform from Buy at CLSACLSA downgraded Tiffany to Outperform from Buy due to reduced Mainland Chinese tourism to Hong Kong, where 7% of sales are at risk. Price target is $101.

Petrobras announces $13.7B two-year divestment plan Petrobras announces that its executive board, convened on February 26, has approved the company’s two-year -- 2015/2016 -- divestment plan. Divestitures total $13.7B, and are composed of 30% Exploration & Production assets in Brazil and abroad, 30% assets in the Downstream segment, and 40% Gas & Energy assets. The approved divestment amounts represent a rise when compared to the $5B-$11B allocated in the 2014-2018 Business & Management Plan, as released in February 2014. The approved amount is Petrobras’s best estimate, however, it is susceptible to changes in the market, including but not limited to, Brent barrel price, exchange rate, and economic growth in Brazil and abroad. Market changes may lead Petrobras to adjust its divestment target accordingly.

Moody's cuts Petrobras rating to 'Ba2' from 'Baa3', May cut furtherMoody's Investors Service downgraded all ratings for Petrobras S.A., including a downgrade of the company's senior unsecured debt to Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the company. Moody's also lowered the company's Baseline Credit Assessment to b2 from ba2. These rating actions reflect increasing concern about corruption investigations and liquidity pressures that might result from delays in delivering audited financial statements, as well as Moody's expectation that the company will be challenged to make meaningful reduction in its very high debt burden over the next several years. The ratings remain on review for downgrade. Reference Link

Goldman sees select Apparel and Footwear opportunities due to FX riskGoldman said translation currency exposure in the Apparel and Footwear has created volatility and opportunity to gain exposure to this theme. Goldman's analyst sees a positive near-term set-up for Nike (NKE) and Tiffany (TIF) and a negative set-up for Crocs (CROX) and Abercrombie & Fitch (ANF) and of upcoming earnings reports.

Rolls-Royce vows to cooperate with Petrobras investigation, Financial Times saysRolls-Royce (RYCEY) said it will co-operate with Brazilian authorities investigating allegations that it paid bribes to win a contract from Petrobras (PBR), reports the Financial Times. The company said, “We will take all necessary action to ensure compliance, including co-operating with authorities in any country.” Rolls-Royce had been accused of paying bribes in exchange for a $100M contract to provide “modules of energy generation” for the oil company’s platforms. Reference Link